First American Title Insurance Co.'s mortgage services division has announced an alliance with Hope LoanPort (HLP), a Washington, D.C.-based nonprofit organization dedicated to assisting homeowners who are behind on their mortgage payments with alternatives to foreclosure.
As part of the alliance, Santa Ana, Calif.-based First American Title Insurance will provide property-level collateral data, including lien priority insurance information, property characteristics and property valuations for integration into Home LoanPort's Hope LoanPortal platform, which is used by servicers to assess options for borrowers who are facing foreclosure. According to the company, the addition of First American's data to Hope LoanPortal means that servicers will receive a complete foreclosure alternative package from a single source, enabling them to provide borrowers in financial distress with faster decisions.
‘Servicers today are seeking to maximize home retention,’ says Eric Friedman, chief operating officer for First American Mortgage Services' default segment. ‘Having quick access to complete, accurate information simplifies the review process and facilitates better communication with their customers.’